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TA Triumph-Adler AG

euro adhoc: TA Triumph-Adler AG
Financial Figures/Balance Sheet
TA Triumph-Adler 2007: Significant rise in revenue, pretax earnings almost doubled Refinancing successfully implemented, Group balance sheet extensively restructured Recognition of ...

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
Nuremberg, March 26, 2008 TA Triumph-Adler AG raised consolidated 
revenue by 10% to EUR416.1 million in 2007. This is reported in the 
consolidated financial statements as of December 31, 2007, which the 
company's Supervisory Board has approved today. Revenue growth was 
disproportionately outpaced by the Group's improvement in operating 
profitability: operating earnings (EBIT) rose 17.3% year-on-year, 
from EUR23.7 million to EUR27.8 million. Pre-tax earnings almost 
doubled, and increased from EUR6.2 million to EUR12.1 million. 
Consequently, the announced objective of generating pre-tax earnings 
in the low double-digit million range in euros was fully achieved. At
EUR33.2 million, cash flow was once again significantly positive in 
the 2007 financial year. Cash flow of EUR34.5 million was generated 
in the previous year. The cash position was stable compared with the 
previous year's reporting date, when cash and cash equivalents 
amounted to EUR27.4 million. Cash and cash equivalents stood at 
EUR27.5 million as of December 31, 2007. New financing reduces 
interest expense, and creates greater flexibility TA Triumph-Adler 
AG's financing was reorganized in 2007. Following a capital reduction
entailing a partial release of the capital reserve, a cash capital 
increase from Approved Capital was performed. The issue consisted of 
14,897,882 ordinary bearer shares at an issue price of EUR1.88. The 
refinancing also comprised a mix of debt financing instruments, 
including a syndicated loan, unsecured borrower's note loans, and 
further instruments such as factoring. Following these measures, 
overall net debt (finance debt minus cash and cash equivalents) fell 
from EUR51.4 million to EUR19.9 million. From the current financial 
year, interest expense will fall by around EUR5 million per year 
compared with the earlier financing. Recognition of accounting error 
determination by DPR - one-off impact from revaluation of deferred 
tax Further key balance sheet and income statement figures have been 
impacted by a one-off effect. During the course of the 2007 financial
year, the Deutsche Prüfstelle für Rechnungslegung (German Financial 
Reporting Enforcement Panel / DPR) reviewed the consolidated 
financial statements for the 2005 financial year with respect to the 
accounting treatment of deferred tax assets, and reached a decision 
on February 20, 2008 that the deferred tax assets of EUR171.0 million
reported at that time should not have been recognized in the balance 
sheet. Based on their fundamental conviction of having applied the 
relevant IFRS standards correctly within the scope of discretion 
permitted, the management and supervisory boards, following intensive
consultation and consideration of the advantages and disadvantages 
for the company related to non-recognition of the DPR decision, 
nevertheless decided today to recognize the DPR's findings. Before 
taking this decision we reached an understanding with our external 
auditor. An appeal would have absorbed time, potentially years, and 
resources, in order to defend a balance sheet item in the 2005 
consolidated financial statements that has no significance for the 
company's operating business. This is why we performed the 
corrections required by the DPR. As a consequence, no deferred tax 
assets are reported in the correspondingly adjusted consolidated 
financial statements as of December 31, 2006. Given the growth of our
business and earnings in 2006 and 2007, a conservative revaluation of
deferred tax claims was performed as of the December 31, 2007 
reporting date, corresponding to IFRS requirements. An amount 
totaling around EUR30.3 million was capitalized as a result. High 
level of net earnings for the year, negative consolidated equity 
Since the complete write-down of deferred tax assets relates to an 
earlier set of financial statements, while the revaluation was 
performed for the 2007 financial statements, this has given rise to, 
as a one-off effect, net earnings of EUR40.7 million for the 2007 
financial year. Negative consolidated equity of -EUR122.9 million 
nevertheless arose for the 2005 financial year as a result of the 
complete write-down. However, this negative amount was immediately 
reduced to a level of -EUR49.2 million as a consequence of, among 
other things, the capital measures, improved earnings, and the 
conservative revaluation and write-up of deferred tax assets as of 
December 31, 2007. This concerns a pure accounting effect at the 
Group level, which has no consequences for the operating business of 
the TA Triumph-Adler Group. TA Triumph-Adler Aktiengesellschaft 
strengthens equity ratio to around 30% For its part, the balance 
sheet of TA Triumph-Adler AG, as the legally relevant parent company,
is not affected by any of these procedures. Quite the contrary: as a 
result of the capital measures and the earnings growth, the equity of
TA Triumph-Adler AG rose by almost 50%, or EUR29.7 million, to 
EUR93.9 million in 2007. TA Triumph-Adler AG's balance sheet has a 
comfortable equity ratio of around 30% as of December 31, 2007. 
Company continues on growth path The Management Board regards the 
Group's position and prospects as good, and is assuming a further 
positive development in business, as well as additional growth from 
acquisitions. Given these factors, revenue is expected to grow to at 
least EUR440 million. A further improvement in operating earnings is 
budgeted, with pre-tax earnings of almost EUR20 million. TA 
Triumph-Adler is currently anticipating a linear continuation of this
development for the subsequent 2009 financial year. The Group aims to
generate revenue of EUR500 million with an EBIT return on sales of 9%
by 2010 at the latest. The full set of parent company and 
consolidated financial statements will be published at the latest by 
March 30, 2008 on the company's website, as well as on the Deutsche 
Börse website.
TA Triumph-Adler AG
Suedwestpark 23
D - 90449 Nuremberg
Dr. Joachim Fleing
Phone: +49 / 911 / 68 98 - 499
Fax: +49 / 911 / 68 98 - 200
Bearer shares ISIN: DE0007495004, admitted to official trading (Prime
Standard) on the Frankfurt stock exchange and on all German regional 
Important notice: This press release contains forward-looking 
statements that are based on assumptions and estimates made by the 
management of TA Triumph-Adler AG. Even if the management of the 
company is of the view that these assumptions and estimates are 
appropriate, future actual developments and future actual events may 
diverge significantly from these assumptions and estimates due to 
various factors. These factors may include, by way of example, 
changes in the macroeconomic situation, exchange rates, interest 
rates, as well as changes both within the market and in the 
competitive environment as the result of technological change. TA 
Triumph-Adler AG provides no guarantee, and accepts no liability, if 
future developments, and results achieved in the future, do not 
accord with the assumptions and estimates expressed in this press 
end of announcement                               euro adhoc

Further inquiry note:

Sonja Blättchen

Telefon: +49 (0)911 6898-104


Branche: Semiconductors & active components
ISIN: DE0007495004
WKN: 749500
Index: CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / free trade

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